Gold set for worst month in more than 17 years as US rate-cut hopes fade

Gold prices rose on Tuesday on hopes of de-escalation ‌in the Middle East conflict, but were poised for their worst month in more than 17 years as higher energy prices dimmed hopes for a US interest rate cut this year. Spot gold was up 1.5% at $4,578.89 per ounce, as of ​0235 GMT. US gold futures for April delivery gained 1.2% to $4,611.30. The dollar eased, making greenback-denominated ​commodities more affordable for holders of other currencies. “Gold prices are bouncing in early Asia-Pacific ⁠trade after US President Donald Trump told aides he is willing to end the US military ​campaign against Iran… That triggered a risk-on response from financial markets,” said Ilya Spivak, head of global macro ​at Tastylive.